President Bola Tinubu has disclosed a plan by the Federal Government to transfer N8,000 to 12 million poor households in Nigeria for a period of six months.
In a letter to the House of Representatives read by Speaker Tajudeen Abbas during plenary on Tuesday, Tinubu said it was support to enable poor and vulnerable Nigerians cope with the cost of meeting basic needs.
The president is asking for approval of the House to secure the loan.
According to the President, the money transfer to poor households would have a multiplier effect on about 60 million individuals.
In order to guarantee the credibility of the process, he said digital transfers would be made directly to beneficiarie’s accounts.